Financial Publishing House
The People's Commissariat of Finance (Narkomfin, a.k.a. NKF) was created in 1923. Narkomfin’s structure was based on the People's Commissariat of Finance of the RSFSR (Russian Soviet Federative Socialist Republic) that existed as early as 1917.
When the Bolsheviks seized power immediate action was taken against the Russian banking system. In November 1917, the Russian State Bank was dissolved and a new “People's Bank” was developed in its place. As a result, the Imperial Credit Chancellery and the Department of the State Treasury became part of People's Bank. In December 1917, the Nobles’ Land Bank and the Peasants’ Land Bank were closed and in January 1918, State loans and foreign loans were terminated, private insurance was abolished and their firms were placed under State control. By December 1918, joint-stock land banks, mutual credit agencies and public (city) banks were shuttered along with the eradication of municipal and regional credit societies. In addition, foreign banks were dissolved and the Russian Central Cooperative (A.K.A. Moscow People’s Bank) was nationalized. By 1919, total nationalization of the financial system was complete.
Sources & Citations
Zwass, A., & Vale, M. C. (1979). Money, banking & credit in the Soviet Union & Eastern Europe. London: Macmillan.
Baykov, A. (1947). The Development of the Soviet Economic System: An Essay on the Experience of Planning in the U.S.S.R. New York.
Bee, Elel. "The Russian Cooperatives and the Soviets." Soviet Russia Pictorial. Volume 2, Issue 17, 1920, PP. 407-411.